Financial Accounting Question Paper’ 2020 [Gauhati University BCom 1st Sem]

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Gauhati University B.Com 1st Sem Question Papers 

4 (Sem–1/CBCS) FAC HC/RC

2020 (Held in 2021)

FINANCIAL ACCOUNTING

(Honours/Regular)

Paper: COM-HC-1016/RC-1016

Full Marks: 70

Time: Three hours

The figures in the margin indicate full marks for the questions.

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1. Answer as directed:

A. Select appropriate answer from different alternatives: 1×4=4

(a) Financial statements provide information on

1) assets and liabilities.

2) equities or capital.

3) Incomes/gains and expenses/losses.

4) All of the above.

(b) As per structure of GAAP, Accounting Entity is considered as

1) assumption.

2) principle.

3) modifying principle.

4) accounting standard.

(c) Annual Report of a company includes

1) Directors’ Report.

2) Auditors’ Report.

3) Balance Sheet and Statement of Profit & Loss.

4) All of the above.

(d) Amount paid for acquisition of goodwill is

1) Revenue expenditure.

2) Capital expenditure.

3) Deferred revenue expenditure.

4) None of the above.

B. State whether the following statements are ‘True’ or ‘False’:                1×3=3

1) Revenue is generally recorded at the point of sale.

2) Ind AS 2 prescribes accounting treatment for inventories.

3) Interest on drawings is added to capital and deducted from drawings.

C. Fill in the blanks with appropriate word/words:1×3=3

1)  ________ principle states that income should be measured in the period in which it is earned.

2) To delete a particular ledger we have to select ‘Alter’ option and press Alt + ________.

3) In case of instalment purchase system, total interest payable by the buyer is debited to ________. (interest account/interest suspense account)

2. Answer the following questions very briefly:2×5=10

a)State two mandatory items of information which are to be disclosed in annual report.

b)Write the names of the major heads of structure of GAAP.

c)What is the principle of conservatism? Give one example of it.

d)Write two distinctions between revenue expenditure and capital expenditure.

e)Write any four items of inventories as per the Companies Act, 2013.

3. Answer the following questions: 5×4=20

(a) Write a brief note on qualitative features of accounting information.

Or

Write five objectives of Accounting Standards.

(b) Write five features of computerized accounting system.

Or

What are the account groups of assets in relation to Tally 9?

(c) From the following information of M/s Rupali, Guwahati, prepare a Trading Account for the year ended on 31st March, 2020:

Particulars	(Rs.)
Stock on 1.4.2019 Purchases Sales Purchase Returns Sales Returns Wages Carriage Inward Wages outstanding Carriage outward Salaries Stock on 31.03.2020	40,000 50,000 1,20,000 2,000 5,000 10,000 2,000 1,000 2,000 15,000 20,000

Or

Pass journal entries in the books of M/s Barnali, Nagaon, a registered dealer under AGST Act, the dealer is entitled to claim input tax credit:

2020, April 1	Purchased goods Rs. 1,00,000 on credit locally (Intra state) from M/s Momee Traders, Nagaon.
2020, April 10	Purchased furniture for office use Rs. 50,000 from M/s Furniture House, Nagaon on credit.

(d) What are the rights of hire purchaser under the Hire Purchase Act, 1972?

Or

M/s Medicos purchased 5 nos. of computers from Computek, Guwahati on hire purchase system and furnished the following information:

Date of agreement

Cash price of the computers

Down payment on the date of agreement

No. of annual equal installment

Amount payable in each installment

Date of payment of annual installment

Rate of interest

1.4.2016

Rs. 3,00,000

Rs. 1,00,000

3

Rs. 1,00,000

31st March each year

22% p.a.

Calculate the amount of interest included in each installment.

4. Answer question no [(a)and(b)] Or (c):

(a) Write the meaning with two examples of:     5

1) Capital Expenditure.

2) Revenue Expenditure.

(b) What are the circumstances where revenue expenditure becomes capital expenditure?  5

(c) Write five features of business income and five objectives of income measurement.               5+5=10

5. From the following Trial Balance and other information of M/s Aradhana, Howly, as on 31.3.20 prepare a Trading Account and Profit and Loss Account for the year ended on 31.3.20 and a Balance Sheet as on that date:  10

Debit	Rs.	Credit	Rs.
Fixed Assets Opening Stock Salaries Rent Purchases Wages Carriage Inward Account Receivable Input CGST Input SGST Advertisement	90,000 16,000 25,000 8,000 80,000 12,000 3,000 40,000 12,000 12,000 5,000	Capital Sales Account Payable Outstanding Wages Output CGST Output SGST	90,000 1,45,000 35,000 2,000 15,500 15,500
	3,03,000		3,03,000

Additional information:

1) Closing stock Rs. 20,000.

2) Salaries prepaid Rs. 2,000.

3) Salaries outstanding Rs. 4,000.

Or

Following is the Trial Balance of Ajay and Bijay as on 31st March, 2020:

Trial Balance

Debit	Rs.	Credit	Rs.
Machinery Furniture Rent Salaries Debtors Cash in Hand Cash at Bank Drawings: Ajay Bijay Closing Stock Commission	10,000 20,000 18,000 9,000 42,000 16,000 45,000   4,000 3,000 12,000 5,000	Capital: Ajay Bijay Creditors Commission Bank Loan Trading Account Gross Profit	65,000 40,000 19,000 1,000 5,000   54,000
	1,84,000		1,84,000

Prepare the Profit & Loss Account and Profit & Loss Appropriation Account for the year ended on 31st March, 2020 and a Balance sheet of the firm as on that date after taking into consideration the following additional information:      10

1) Depreciate Machinery @ 10% p.a. and Furniture @ 20% p.a.

2) Partners will get interest on Capital @ 5% p.a.

3) Ajay is entitled to a salary of Rs. 2,000 p.a.

4) The Profit sharing ratio between Ajay and Bijay was 3:2.

6. What is meant by instalment purchase system? Write four features of instalment purchase system and state four points of distinctions between hire purchase system and instalment purchase system.                2+4+4=10

Or

M/s Paridhan, having their head office at Guwahati has a branch at Tezpur. Following are the transactions of the head office with its Tezpur branch for the year ended on 31st March, 2020:

Rs.

On 1.4.2019: Stock at Branch Petty Cash Furniture On 31.3.2020: Stock at Branch Furniture Outstanding rent Prepaid Salary Petty expenses incurred by the Branch during the year Goods supplied to Branch during the year Goods returned by Branch Cash sales at Branch Cheque sent to Branch: Salary                                                                              15,000 Office Expenses                                                               5,000 Petty Cash                                                                         6,000 Rent                                                                                    3,000

25,000 2,000 20,000   30,000 18,000 1,000 2,000 5,000 2,00,000 3,000 3,00,000         29,000

Prepare Tezpur Branch Account, Goods sent to Branch Account and Branch Stock Account under Debtors system in the books of Head Office.    6+2+2=10

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